Special purpose acquisition company Patria Latin American Opportunity Acquisition Corp. (Nasdaq: PLAOU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$200 million in its initial public offering.
The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half of a purchase warrant. Each warrant is redeemable for one Class A common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “PLAOU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “PLAO” and “PLAOW”, respectively.
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The company granted the underwriters, represented by J.P. Morgan Securities LLC and Citigroup Global Markets Inc., a 45-day over-allotment option to purchase additional 3.0 million company units at the same IPO price.
The offering is expected to close on March 14, 2022, subject to customary closing conditions.
The blank check company is backed by Brazilian asset management firm Patria Investimentos Ltda. For its target businesses, the firm intends to focus on Latin America and in sectors where Patria has investment expertise.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
